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India's Oct-Dec current account deficit narrows from previous quarter

Tuesday, March 10, 2015 - 20:28

[MUMBAI] India's current account deficit reached US$8.2 billion, or 1.6 per cent of gross domestic product, in the October-December quarter, lower than the previous quarter but double from a year earlier, the Reserve Bank of India said on Tuesday.

The current account deficit had reached US$4.2 billion, or 0.9 per cent of GDP a year earlier, the RBI said. In the previous quarter, the deficit had reached US$10.1 billion or 2.0 per cent of GDP.

But the balance of payment stood at a surplus of US$13.2 billion during October-December, a fifth consecutive quarter of surplus. It was also almost double the US$6.9 billion surplus in the previous quarter.

The trade deficit in the October-December period widened slightly to US$39.2 billion from US$38.6 billion a quarter ago.